Question for the Money Doctors

Question submitted on Jan 4, 2011.

Question

I have about $100,000 in student loan debt and when the economy went bad, I lost my job as a pilot. I have since got a job as a police officer and barely make enough money to make ends meet. I have been taking college classes at least part time and delayed graduating, so I don''t have to start paying back my student loans yet. I can''t hide from them forever. What would you suggest?

Answer

This is tough to ansxer because of the unknowns (age, marrital status, debt, income, housing, etc.). It would even help to know what part of the country you live in.

I would check with your PBA as to loans etc (just so you know). I''d suggest as much OT as possible, take the Seargants exam (more $$$) ASAP.

For NOW don''t buy ant time (military, etc) but I would STILL try to put something (anything) into your own deferred comp plan for retirement.

Use this time to learn, study, etc... that costs little. LATER you can spend money on vacations, golf courses, etc...

Your strategy seems great regarding the deferrment of loans. Hang in there till you can get back as a pilot or till you advance in pay.

Remember this...being a policeman is great because of the benefitrs you will receive later AT RETIREMENT (pension after 20-25 yrs, medical, etc...). Don''t be discouraged. You are actually doing well at the LONG TERM. The short term shall pass...I think it will only get better and easie for you.